Sage 50 Bank Reconciliation Discrepancy – how to fix it?

You can utilize the bank reconcile choice to coordinate the bank transactions you entered with those on the assertion from your bank. Accommodating these qualities implies the bank adjusts and transactions are exact.

You ought to reconcile your ledger each time you get an assertion from your bank. Prior to accommodating your ledger, ensure you have entered each of your transactions up to the furthest limit of your bank articulation.

Accommodating a ledger

• Go to Banking.
• Select the ledger you need to reconcile.
• Select c.
• The bank movement shows your bank transactions. If a transaction has recently been reconciled, a mark shows up in the Reconciled segment.
• Enter the accompanying data:
  • Explanation Date. Enter the end date of the genuine bank explanation you are going to reconcile.
  • Articulation End Equilibrium. Enter the closure balance from the bank articulation.
  • Reference. Enter a reference for this compromise. For instance, you could utilize the assertion page number or date.
• Select Apply.

If a transaction doesn’t show up in the bank compromise

The Bank Compromise page shows just transactions that are right now unreconciled and are dated at the latest the assertion end date for the predetermined bank.

On the off chance that a transaction doesn’t show up:s

• Check you have entered the right explanation date. Just transactions up to and including this date are accessible to reconcile. If the date mistake, enter the right date, select Apply, and check the transaction shows up.
• Check if the transaction has previously been reconciled. To do this, save the compromise you have done as such far by clicking Put something aside for Later on the Completion menu. On the Action tab, on the Channels menu, check the from and to date covers the date of the transaction and that transaction shows up. If it does show up and a tick shows up in the Reconciled segment, the transaction has previously been reconciled.
• If the transaction doesn’t show up on the bank movement, check the from and to date are right. It could be conceivable the transaction was placed with a date outside the reach. To ensure it has not been placed with a mistaken date, have a go at entering a from date in the past to a date from now on (for instance, 01/01/2000 to 31/12/2020). Assuming the transaction has been placed with an erroneous date, save the compromise you have done as such far by clicking Put something aside for Later on the Completion menu. On the Movement tab, select the applicable transaction, change the date, and afterward select Save.
• If the transaction doesn’t show up, check the action of your other ledgers to ensure it has not been placed against an alternate record. On the off chance that it has, erase the transaction and reappear it utilizing the right record.
• If the transaction doesn’t show up, check the action of your other financial balances to ensure it hasn’t been placed against an alternate record. If it has, erases the transaction and remerges it utilizing the right record.

Reconcile a Record (Bank Articulation Compromise)

Significant! Assuming you are utilizing the group posting technique, present your records on Broad Record before you reconcile. This guarantees that you are utilizing something like date data.

• From the Undertakings menu, select Record Compromise. Sage 50 displays the Account Reconciliation
• Enter or choose the record you need to reconcile. To show a rundown of existing records, type? in the Record to Reconcile field, or select the Query button.
• Enter the end date from the bank or financial record as the Explanation Date. Contingent upon the date entered the rundown of transactions changes. Just transactions entered up to the explanation date show up here. To change the date, click the Schedule symbol.
• Enter the Assertion Finishing Equilibrium (the closure balance sum remembered for the bank proclamation) in the lower part of the window.
• Transactions that are accessible to be cleared are recorded at the focal point of the window; you can utilize the Show drop-down bolt button to choose which transactions you might want to show up. For every transaction, reference data, for example, really look at numbers, sums, dates, and merchant/payees or portrayals are recorded. As a matter of course, checks are arranged with a money order number. You can change the sort request by tapping the heading of the section you need to sort by.

Preparing a bank reconciliation

Preparing a bank reconciliation statement on a periodic basis is an important cash control procedure. It serves to verify the balance of cash shown on the general ledger against the balance shown on the bank statement. Those two balances are rarely equal owing to both differences in timing in recording transactions and any errors that have been made. The bank reconciliation process can uncover any errors recorded in either the company books or the bank statements. This topic explains where and how a bank reconciliation prepares in Sage 50.

Note that this topic demonstrates the process of bank reconciliation if you are using a bank statement that is in hard copy or external to Sage 50. However, if the bank statement provided by the bank is in electronic format and you wish to import it electronically to Sage 50.

Step	Sage 50 field or icon	Action
	Account to Reconcile	Select the account number of the cash ledger account to be reconciled.
	Statement Date	Click the calendar icon to select the closing date from the bank statement.
	Statement Ending Balance	Enter the final balance of the cash account from the bank statement.

Tracking down a rundown of finished compromises

• Select the financial balance you are looking to see the finished compromises from.
• Close to ” movement ” and ” addresses and contacts ” you will see ” compromise “.
• Select compromise a rundown of finished compromises will show up for your view.
• You will want to twofold choose the finished compromise and print it depending on the situation.

People also ask

Question 1: How to reconcile a bank account in Sage 50?

Ans: To reconcile accounts in Sage 50, select “Tasks| Account Reconciliation…” from the Menu Bar to open the “Account Reconciliation” window.

1. Select the ID of the account to reconcile from the “Account to Reconcile” drop-down.
2. Then enter the statement date from the account statement into the “Statement Date” field.
3. If needed, you can reconcile information from prior accounting periods without leaving the current accounting period by selecting the prior period statement date within the desired prior period to reconcile from the “Statement Date” field.
4. Next, enter the account’s balance as of the statement date into the “Statement Ending Balance” field.
5. At this point, all the selected account transactions appear in a list with deposits and bank credits shown first.

Question 2: How do you Prepare a Bank Reconciliation Statement?

Ans: Steps to Prepare Bank Reconciliation Statement

• Initial Check
• Deposit Check
• Interests earned
• Bank errors
• Outstanding Checks
• Check ledger errors
• Check Reconciliation
• Equate Final Balance
• Journal Entries